0. NORTHERN PLAINS NATURAL GAS 2002 PLAN REVIEW November 8, 2001

1. NORTHERN PLAINS NATURAL GAS COMPANY Table of Contents
NPNG – Bill Cordes
NPNG-2 Key Assumptions
NPNG-4 Financial Summary
NPNG-5 EBITDA by Entity
NPNG-6 Capital Expenditures
NPNG-7 Distributable Cash Flow
NPNG-8 NBP Net Income Summary
NPNG-9 NPNG Net Income Summary
NPNG-10 Return to Unitholders
NPNG-11 Return to General Partners
NPNG-12 NBP Asset Summary

2. NORTHERN PLAINS NATURAL GAS COMPANY KEY ASSUMPTIONS 2002 PLAN
Maintain 82.5% of General Partner Interest in Northern Border Partners, L.P. (“NBP”)
Retain 3.2 million common units of NBP
2.7 million common units of NBP held in Rawhide
Northern Border Partners, L.P.
Regulated Pipelines
Northern Border Pipeline Company
Sell unsubcribed capacity at maximum rate
Increase access to existing and developing markets
Maximize new service revenues
Midwestern Gas Transmission Company
Develop new transportation business (Power Plants)

3. NORTHERN PLAINS NATURAL GAS COMPANY KEY ASSUMPTIONS 2002 PLAN
Northern Border Partners, L.P. (Cont’d)
Midstream Services
Crestone Energy Ventures/Bear Paw Energy
Maintain 33% market share in Powder River Basin
Link deployment of capital expenditures with throughput growth
Continued high drilling growth level (water issues mitigated)
Maintain active hedging program in the Williston Basin
Maximize distributions from equity investments
Border Midstream Services
Support developmental drilling programs of producers in capture area
Complete all de-bottlenecking projects that were pre-funded
Black Mesa Pipeline
Provide reliable and safe slurry transportation service to Mohave Power Plant
Pursue slurry pipeline consulting and investment opportunities

4. NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN Financial Summary (Millions of Dollars)
NBP
Income
137
NBP Earnings Per Unit (In Dollars)
NBP Distributions Per Unit (In Dollars) 97 77 00 01
EST 02 00 01
EST 02 00 01
EST 02
GP Target Distribution
NBP LP
GP Net Income
Non-Recurring
1st Level- 15% $2.42
*2nd Level- 25% $2.86
3rd Level- 50% $3.74
*Current indicated annual distribution rate is $3.05

5. NORTHERN PLAINS NATURAL GAS COMPANY OPERATING & STRATEGIC PLAN EBITDA BY ENTITY (Millions of Dollars)
349.7
313.5

6. NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN CAPITAL EXPENDITURES (Millions of Dollars)
$200 MM
$200 MM
Acquisitions or Greenfield Projects
Regulated Pipelines
Midstream Services
Black Mesa
NBP Debt
Common Equity
Enron GP Contribution ($1.6MM)
Williams GP Contribution

7. 8% annual growth per unit
NORTHERN BORDER PARTNERS, L.P OPERATING & STRATEGIC PLAN DISTRIBUTABLE CASH FLOW (Millions of Dollars)
8% annual growth per unit
Distributions per Unit
$ $ $ $ $ $4.48
Avg Units Outstanding (MM)

8. NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN NET INCOME SUMMARY (Millions)

9. NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN (Millions of Dollars)

10. NORTHERN PLAINS NATURAL GAS COMPANY 2002 OPERATING & STRATEGIC PLAN RETURN TO UNITHOLDERS – NBP,L.P.
Dividends Reinvested
CAGR 13.3%
Unit Price
CAGR 6.4%
1997
1998
1999
2000
2001 CE
2002
PLAN
Unit Price
Dividends Reinvested
Annual Dividends Paid

11. NORTHERN PLAINS NATURAL GAS COMPANY 2002 PLAN REVIEW RETURN TO GENERAL PARTNERS – NBP,L.P.
1997
1998
1999
2000
2001 CE
2002
PLAN

12. Gregg Lake/Obed Pipeline System
Edmonton
Gladys Processing Plant
Saskatchewan
Alberta
Mazeppa Processing Plant
Manitoba
Ontario
Williston Basin
Montana
North Dakota
Bear Paw Energy
Minnesota
Powder River
Basin
Wyoming
Big Horn
Wind River Basin
NBPL
South Dakota
Fort Union
Lost Creek
Greater Green
River Basin
Nebraska
Iowa
Indiana
Utah
Illinois
Colorado
MGT
Kayenta Coal Prep.
Pump Station No. 1
Mohave
Generating
Station
Gray Mountain
Pump Station No. 2
Kentucky
Williams
Pump Station No. 3
NBP Asset Summary
Seligman
Pump Station
No. 4
Tennessee
Black Mesa Pipeline
Arizona